Price Watch: Stellar Lumens, Cardano, NEO, EOS and IOTA Begin to Stabilize
At press time, many cryptocurrencies are beginning to stabilize. This week marked another series of drops in the digital currency space, and investors are warned to remain cautious and trade responsibly.
Stellar Lumens (XLM)
All is not lost for the coin, however. A recent partnership between computer conglomerate IBM and carbon credits startup Veridium Labs Ltd was announced. Carbon credits will soon be issued on the Stellar blockchain and will be open to public investors.
Originally, carbon credits were being used to offset greenhouse gases. Companies emitting pollutants could pay these credits in exchange for emissions, potentially bringing down the number of pollutants in the atmosphere from ventures that didn’t want to ante up.
Unfortunately, these credits don’t have a set value, making them nearly impossible to trade on open exchanges. This new partnership seeks to change all that by building a new formula for the currency, thus making it accessible and accountable. The Stellar blockchain will serve as the ledger where all transactions will be recorded.
Senior Vice President of IBM Industry Platforms and Blockchain Bridget van Kralingen commented,
“By using a public, permissioned blockchain network, we can help Veridium create a new sustainable marketplace that is good for business and good for the world.”
Like XLM, Cardano has incurred a fall in its price, though this one is considerably smaller by comparison, as Cardano only dropped by one cent since our previous price article from 26 cents to 25.
At press time, the currency is trading up 3% against the United States dollar, but is down 19% over the last seven days. Its market cap is $6.6 billion, while its daily trading volume is $117 million.
At press time, NEO’s price sits at a mere $62. This is a two-dollar drop since our previous discussion. The currency stands as the world’s 11th-largest cryptocurrency, with a market cap of only $4 billion.
Despite these falls, NEO’s list of partnerships continues to grow, as the currency has recently joined hands with NewEconoLabs (NEL) to help support the launch of the company’s NEO Name Service (NNS), an “open-source domain name system” based on the Chinese asset.
In addition, NEO has recently implanted itself in South America, and embarked on its second European tour. Executives met with startup entrepreneurs in cities like Lisbon, Amsterdam, Vienna, Paris and Zurich, before moving onto the European parliament to discuss the potential benefits of NEO’s blockchain technology.
The price of EOS is up 10% over the previous 24 hours and is currently trading for approximately $13.46 – a $0.50 drop since our previous price article. EOS’ market cap is $11.75 billion with 24 hour volume of $1.67 billion.
Change is occurring for EOS, however, with the addition of Rob Jesudason to the space.
Formerly the chief financial officer for Australia’s Commonwealth Bank, Jesudason left his position to serve as the new COO of Block.one, an organization widely responsible for the development of EOS applications.
Company CEO Brendan Blumer commented:
“Rob has a proven track record of success in global financial services, where he has been involved in industry innovation and facilitated regulatory advancement, enabling the adoption of new technologies. His alignment… is an ideal fit for Block.one, and is an exciting conclusion to our thorough search for the right individual.”
IOTA currently sits at $1.94. This is a four cent increase since our previous price piece when the currency was trading for $1.90.
Like EOS, IOTA is boasting a new addition to its team in Andrea Villa, a cloud computing expert that will boost the network’s security.
Founder of IOTA David Sønstebø commented,
“Andrea’s impressive resume made it very easy to invite him on board the IOTA Foundation to leverage his skills and experience. Given that IOTA has properties that make it ideal as a counter measurement to a lot of hacks, Andrea’s background is a perfect fit to further drive this aspect of the project.”
At press time, the total cryptocurrency market cap is at $386 billion, roughly a $12 billion increase than where it was during our previous coverage.
Despite some positive news in the crypto space and a bump in the global market cap, investors are again reminded to only trade what they can afford to lose.
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